ACCA FR · Chapter 1 · Question 3 of 10
Which of the following is NOT one of the enhancing qualitative characteristics in the IASB Conceptual Framework?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Materiality
Explanation
The four enhancing qualitative characteristics are comparability, verifiability, timeliness and understandability. Materiality is an entity-specific aspect of relevance: information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions of primary users.
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